Bender Robert & Associates Trims Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Bender Robert & Associates reduced its stake in ServiceNow, Inc. by 2.4%, now holding 12,532 shares valued at approximately $12.88 million, making it the firm's 9th largest position.
• Research analysts have raised their price targets for ServiceNow, with DA Davidson increasing its target from $1,150 to $1,250 and Bank of America from $1,110 to $1,200, indicating a positive outlook.
• ServiceNow reported a quarterly earnings per share (EPS) of $4.09, surpassing estimates by $0.52, with a revenue of $3.22 billion, up 22.4% year-over-year.

Bender Robert & Associates cut its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,532 shares of the information technology services provider's stock after selling 307 shares during the quarter. ServiceNow comprises about 2.9% of Bender Robert & Associates' holdings, making the stock its 9th largest position. Bender Robert & Associates' holdings in ServiceNow were worth $12,884,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Bogart Wealth LLC boosted its position in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow during the 1st quarter worth approximately $26,000. WASHINGTON TRUST Co increased its stake in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares in the last quarter. Global X Japan Co. Ltd. bought a new position in ServiceNow during the second quarter worth $30,000. Finally, Dagco Inc. acquired a new stake in ServiceNow in the first quarter worth $33,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on NOW shares. DA Davidson upped their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Oppenheimer reaffirmed an "outperform" rating and issued a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Bank of America raised their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Piper Sandler boosted their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,122.20.

ServiceNow Price Performance

ServiceNow stock opened at $917.21 on Friday. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The business's 50 day simple moving average is $909.72 and its 200 day simple moving average is $931.43. The company has a market cap of $190.78 billion, a price-to-earnings ratio of 115.52, a PEG ratio of 4.12 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the business posted $3.13 EPS. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling

In other news, CFO Gina Mastantuono sold 1,762 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the sale, the chief financial officer directly owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock valued at $16,798,825 in the last 90 days. Corporate insiders own 0.38% of the company's stock.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.